The Global Market for Healthcare IT is Projected to Reach US$284 Billion by 2024

Growing Pressure to Reduce Costs, Enhance Hospital Efficiencies & Improve Patient Care 

to Drive New IT Initiatives in Healthcare, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Healthcare IT market. The global market for Healthcare IT is projected to reach US$284 billion by 2024, driven by increasing complexity of healthcare operations; technology developments; emergence of top IT initiatives such as AI, machine learning, data analytics, big data and cloud; and growing preference for paperless environment.

Integration of technology with healthcare has revolutionized the healthcare sector and transformed patient care. Healthcare services involve multiple parties and processes wherein hospitals serve patients; receive equipment, services and other supplies from different parties; and realize payments from several sources. Therefore, it becomes critical for hospitals to capture and share relevant information in a timely and efficient manner, which in turn creates the need for efficient IT infrastructure. IT technologies also streamline clinical workflows, facilitate decision making, and monitor public health. With IT solutions, healthcare facilities improve overall quality, efficiency, and safety of health delivery system, and ensure compliance with healthcare standards. By providing easy access to assimilated patient information, healthcare IT leads to better treatment and therapies, thereby reducing costs and improving profitability of healthcare institutions. The most important long-term benefit offered by healthcare IT is the platform it provides for the future practice and proliferation of customized/personalized medicine. With potential benefits stacked in its favor, an increasing number of hospitals are adopting healthcare IT solutions and systems. Evolving industry standards, new product launches, and compliance with regulatory specifications are factors driving growth in the industry.

Clinical information technology systems such as computerized physician order entry systems (CPOE), electronic health record (EHR), personal health records (PHRs), and picture archive and communication systems (PACS), are recording strong growth, driven by their ability to reduce medical errors. Increasing emphasis on healthcare cost containment against the backdrop of widening government deficits, focus on developing healthcare infrastructure and quality of services, growing role played by private healthcare in the healthcare ecosystem, rising acceptance of m-Health and e-Health, and intensifying competition in the healthcare sector are favorably influencing the healthcare IT market. IoT is set to proliferate into almost all areas of human life including healthcare, increasing its efficiency. However, technology developments in healthcare are also creating challenges, especially in terms of vulnerability and risks. Ensuring the performance and availability of healthcare services right through hospital networks, clinics, medical buildings, insurer/payer systems and in public/private cloud data centers is also critical.

As stated by the new market research report on Healthcare IT, the United States represents the largest market worldwide. Increasing focus on reducing healthcare costs, rising demand for better and faster care delivery and the need to eliminate medical errors are fostering growth in the US healthcare IT market. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 13.4% over the analysis period led by implementation of IT to improve patient care and reduce costs by the healthcare institutions, and increased government spending on healthcare services and infrastructure facilities across the region.

Major players in the market include Agfa Healthcare NV, Allscripts Healthcare Solutions Inc., athenahealth Inc., Carestream Health Inc., Cerner Corp., Change Healthcare, CPSI, DXC Technology, eClinicalWorks, Epic Systems Corp., GE Healthcare, HealthCare Management Systems, McKesson Corp., Medidata Solutions, Omnicell Inc., OmniComm Systems Inc., Philips Healthcare, and Vizient Inc., among others.

The research report titled “Healthcare IT: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Segments analyzed in the report include Third Party Payors and Healthcare Providers (Clinical Functions and Non-Clinical Functions).

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